Industry
Broker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be sold to Fairfax Inc. as of January 1, 2002, the company announces. The value of […]
By Canadian Underwriter | January 1, 2002
1 min read
Risk
Welcome to your first edition of Canadian Underwriter magazine and canadianunderwriter.ca’s new Email News Alert Service for the Insurance Industry, called “At Your Personal Request”. This FREE Breaking News Alert Service will keep the market informed of the latest Insurance Industry news – delivered directly to insurance professionals by email! All key industry-related headlines will […]
With the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S. Senate failed to bring a measure to the floor before the end of the year […]
December 31, 2001
Insurance adjusters are witnesses to carnage. They see tumult in places where days, and in some cases hours before, people were going about their daily business in an orderly world. It is part of the job. But how do you react when you are assigned to adjust claims stemming from the collapse of the World Trade Center on September 11? Three seasoned adjusters from Cunningham Lindsey say the assignment was not like any other they had experienced.
7 min read
Despite the events of September 11, the International Insurance Association (IIA) sees a bright future for insurers, says its executive director Patrick Kenny. In anticipation of the association’s annual seminar scheduled to take place in Singapore during July, Kenny says Asia is becoming a key emerging market for insurers. The entry of China in the […]
Auto
Michel Allard (pictured) of Boomerang Tracking invited sleuths to the company’s “track a car thief” event in Toronto recently. The event was also a chance to launch the Boomerang2 device, which instantly tracks unauthorized vehicle movement through Bell Mobility’s wireless network. Just recently, Boomerang was also pleased to announce the recovery of almost $1.5 million […]
As Hurricane Michelle raged through the Bahamas, members of the insurance industry from both sides of the border congregated in Florida to assess where the market is headed, post-September 11. Overwhelmingly, speakers agree that despite the 9/11 tragedy, the event has shaken the industry out of complacency. With shrinking reinsurance capacity and lingering doubts about the availability of coverage, insurers and reinsurers alike are moving forward with a resolve to bring both rates back into positive territory and focus on responsible underwriting.
Toward the end of last year the Ontario provincial government issued a discussion document outlining its views to reform of the auto insurance product. While the insurance industry has been engaged in auto reform discussions with the government for over a year, the latest legislative proposal lacks many of the critical reform measures urgently needed. The industry through the Insurance Bureau of Canada (IBC) has relayed its concerns to the government as the reform discussions continue over what on a daily basis is rapidly becoming a market crises.
6 min read
As insurance rates begin climbing upwards, pressure is also increasing to reduce claims costs, particularly in auto insurance. And, while costs associated with collision repair are an obvious target, the size of this segment of the market has been declining over recent years in both revenue and the number of repair shops, delegates at the annual CARSTAR Industry Conference heard. Speakers also highlighted new challenges facing bodyshops through technology and growing customer demands.
5 min read
Important U.S. Strategies for Canadians
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